Business
Apogee Enterprises Reports Fiscal 2024 First Quarter Results
Net sales increase 1.4% to $362 million Diluted EPS grows 5% to $1.05 Strong net sales and operating income growth in Architectural Glass Cash flow from
About this update from Apogee Enterprises, Inc.
[{"type":"text","content":"\n\nNet sales increase 1.4% to $362 million\n\n\nDiluted EPS grows 5% to $1.05\n\n\nStrong net sales and operating income growth in Architectural Glass\n\n\nCash flow from operations increases to $21 million, up $52 million compared to first quarter of fiscal 2023\n\n\nIncreases full-year diluted EPS outlook to a range of $4.15 to $4.45\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nApogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2024 first-quarter results. Net sales grew 1.4% to $361.7 million, led by strong growth in Architectural Glass, partially offset by lower net sales in Architectural Services. Diluted earnings per share (\"EPS\") increased 5% to $1.05, primarily driven by improved profitability in Architectural Glass.\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n \n\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\n \n\n\n\nMay 27, 2023\n\n\n\n \n\n\n\nMay 28, 2022\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n \n\n\n\n$\n\n\n\n361,713\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n356,635\n\n\n\n \n\n\n\n \n\n\n\n1.4\n\n\n\n%\n\n\n\n\n\nOperating income\n\n\n\n \n\n\n\n$\n\n\n\n33,767\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n33,216\n\n\n\n \n\n\n\n \n\n\n\n1.7\n\n\n\n%\n\n\n\n\n\nOperating margin %\n\n\n\n \n\n\n\n \n\n\n\n9.3\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n9.3\n\n\n\n%\n\n\n\n \n\n\n\n—\n\n\n\n%\n\n\n\n\n\nDiluted earnings per share\n\n\n\n \n\n\n\n$\n\n\n\n1.05\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.00\n\n\n\n \n\n\n\n \n\n\n\n5.0\n\n\n\n%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdditional Non-GAAP Measures1\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nEBITDA\n\n\n\n \n\n\n\n \n\n\n\n43,761\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n42,755\n\n\n\n \n\n\n\n \n\n\n\n2.4\n\n\n\n%\n\n\n\n\nTy R. Silberhorn, Chief Executive Officer, stated, “The first quarter was a solid start to our fiscal year, with top and bottom-line growth and strong cash flow. We are raising our EPS outlook for the fiscal year, as we continue to build on the positive trends we established last year.”\n\nMr. Silberhorn continued, “Our first quarter results were led by exceptional performance in Architectural Glass, building on our progress over the past two years. Through executing our strategy, we've driven sustainable cost and productivity improvements, and shifted our sales mix t...